LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
August 29-September 4, 2016

16 Contracts Signed

Sixteen contracts were signed last week at $4 million and above. The good news: Those results are on par with last year when the same number of contracts were signed in the week leading into Labor Day. The not-so-good news: The average number of days on the market was 398 compared to 283 for the same week in 2015. In addition, the negotiability off the original asking price reached 14% before a property went into contract, a glaringly high number.

The No. 1 contract was a townhouse at 49 East 68th Street, asking $26.5 million, reduced from $38 million when it went on the market in March 2015. This 25-foot-wide, 5-story Georgian house has 12,500 square feet including 6 bedrooms, 5.5 bathrooms, an elevator, and a half-court basketball court. It was purchased for $1.1 million in 1999 by artist Abby Leigh and her husband, Mitch Leigh, the composer of Man of La Mancha.

The No. 2 contract was the 3rd floor at 18 Gramercy Park South, asking $15 million, up from $14.75 million when this new condo building hit the market in 2013. The apartment has 4,207 square feet including 4 bedrooms, 5.5 baths, and a terrace off the master suite; the unit comes with a key to Gramercy Park. The 16-unit condo has only one sponsor apartment left from the team that developed 15 Central Park West: architect Robert A.M. Stern and developers Zeckendorf Realty.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 0 0 0 1 Avg.Ask:
$4,350,000
1
Condos 4 0 3 4 Avg.Ask:
$5,932,182

Avg.$/sq.ft.:
$2,492/sq.ft.

Avg.Size:
2,380sq.ft.
11
Condops * 1 0 0 0 Avg.Ask:
$8,700,000

Avg.$/sq.ft.:
$3,561/sq.ft.

Avg.Size:
2,443sq.ft.
1
Townhouses 1 1 0 1 Avg.Ask:
$14,315,000

Avg.$/sq.ft.:
$1,949/sq.ft..

Avg.Size:
7,344sq.ft.
3
TOTALS 6 1 3 6 16
Total Weekly Asking Price Sales Volume: $122,749,000
Average Asking Price: $7,671,813
Median Asking Price: $4,562,500
Average Discount from Original Ask to Last Asking Price: 14%
Average Days on Market: 398
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 13 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 3 CONTRACTS SIGNED ON TOWNHOUSES


Donna Olshan
President
dso@olshan.com

Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com

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Donna Olshan and Olshan Realty
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